Introduction to RTGS Transactions
Real Time Gross Settlement (RTGS) is a quick fund transfer method that lets customers transfer their funds from one bank account to another electronically. RTGS is a fully-secure fund transfer method maintained by the Reserve Bank of India (RBI) to enable transfers within the country.
RTGS is mainly used to transfer large-value transactions, and there is no maximum limit for RTGS transfers through the bank. Although the maximum amount can vary from bank to bank, there is generally a limit of INR 25 lakh per day for some banks when it comes to online transactions.
RTGS Transfer Timings in 2024
RTGS transfer is available round the clock 24*7 and 365 days every day of the year including weekends and public or bank holidays. The funds are transferred in real-time to the beneficiary account and you do not need to visit the bank branch to initiate an RTGS transfer.
RTGS transfer does not need you to create a demand draft or a cheque at the time of processing RTGS. The beneficiary branches should be able to receive the funds in real time as soon as funds are transferred by the remitting bank.
How Long Does RTGS Transfer Take?
As per the RBI mandate, the beneficiary bank has to credit the amount to the beneficiary account in real time, meaning as soon as funds are transferred by the remitting bank. The RTGS transfer time to reflect in the receiver’s account is generally a few seconds.
In all cases, the beneficiary bank must credit the beneficiary’s account within 30 minutes of receiving the funds transfer message. Therefore, if the amount has not been received in your account even after 30 minutes, you may want to check with the sender’s bank about the delay.
According to the Income Tax Department, originating bank is responsible for RTGS transactions. If there is a delay, the transaction will be sent back to the originating account.
According to State Bank of India, if the beneficiary’s bank is unable to credit the account, the remitting bank will return the money within two hours of the batch being completed.
Things to Remember When Using RTGS Transfer?
While RTGS is a fast and secure fund transfer method, it is always important to know the terms and conditions.
Some of the common guidelines include the following:
- The amount will be paid only to the account mentioned in the RTGS form.
- In case an RTGS payment is initiated, it cannot be canceled.
- Before making any transfers, it is highly recommended to go through the RTGS form and make the money transfer accordingly.
- The user has to select either RTGS or NEFT when filling out the fund transfer form. The bank will decide which fund transfer method will be used if no mode is selected.
- If the beneficiary details mentioned are incorrect, the bank is not liable for any consequences arising from the error.
- If there is a failed payment, the amount must be returned to your bank account. If the compensation is not returned for failed payments, you are eligible for compensation of the current repo rate plus 2%.
Related Read: What Are RTGS Charges? – Check RTGS Transfer Charges in 2024
Features of RTGS
- The minimum amount you can transfer via RTGS has to be above INR 2 lakh
- RTGS transactions can be initiated from anywhere using the internet banking option (ideal to be done at the home, workplace, or using a device that is safe and not a public-access machine)
- RTGS transactions have no fees or charges thanks to the directive from the RBI that came into effect on July 01, 2019
Read More: What is RTGS and How Does it Works?
Conclusion
As you can see, RTGS fund transfer is a quick and safe method for transferring funds and can be used when you have to share a large amount. There are no stipulated limitations to RTGS timings, and this fund transfer can be done 24*7*365.
To make an RTGS transfer, all you need to input are the following:
- Your account details.
- Beneficiary account number.
- Beneficiary bank and branch details.
- Name of the beneficiary.
- IFSC code for the receiving bank.
- Amount to be transferred.
- Remarks, if any.
FAQs
RTGS Transfer Timings in 2024
What is the timing of RTGS in India? ›
The RTGS service is available 24 hours a day and seven days a week, even on weekends and bank holidays. Any amount above ₹2 lakh can be transferred using the RTGS mechanism subject to third-party transfer limits set by the customer and as per the bank's policies.
What is the new time for RTGS? ›
Large value fund transfers (worth BDT 100,000 or more) made within 10:00 AM and 3:00 PM on a business day through Personal Internet Banking are processed and sent to beneficiary banks via Bangladesh Bank's RTGS server within just 30 minutes.
What is the timeline of RTGS transfer? ›
Under normal circ*mstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.
What is the time for RTGS transfer in Indian bank? ›
RTGS Timings
RTGS transactions are processed in Indian Bank branch offices between 8:00 AM to 4:30 PM every day except 2nd and 4th Saturday and Sundays. Service charges applied to fund transfer via RTGS initiated online have been temporarily suspended.
Can RTGS take 48 hours? ›
Under normal circ*mstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.
How much money can be transferred through RTGS in a day? ›
There's a minimum limit of Rs. 2 lakhs for RTGS transactions, and there's no maximum limit as such. To get an RTGS-enabled account, you can either contact your bank or check your eligibility status in your online banking portal.
Which is faster, RTGS or NEFT? ›
While NEFT has no minimum or maximum limit on the amount to be transferred, RTGS transactions can only be performed if the amount to be transferred is equal to or more than Rs. 2 lakh. Similarly, NEFT transactions take around 2 hours to be processed, while RTGS transactions are processed immediately.
What is the cut off time for HDFC Bank RTGS? ›
HDFC Bank RTGS Timings
RTGS services are available 24×7 if done online except from 11:30 PM to 00:30 AM due to cut-off. However, if you wish to avail the service offline, you will have to call the bank and as about RTGS timings. Banks remain closed on 2nd and 4th Saturdays, Sundays and bank holidays.
How long can RTGS last? ›
Life span. Sr-powered Soviet RTGs in dilapidated condition. Most RTGs use 238Pu, which decays with a half-life of 87.7 years. RTGs using this material will therefore diminish in power output by a factor of 1 – (1/2)1/87.7, which is 0.787%, per year.
You need to have an active net banking account to perform online transactions. Take not of the bank's cut off time because it can impact the RTGS credit time. To speed up processing, make sure you provide accurate information for both the debit account and the RTGS beneficiary account.
What is the limit of RTGS in Bank of India? ›
Bank of India permits RTGS on minimum Rs 2 lakhs and maximum Rs 25 lakhs in a day if the transaction is carried out at the branch. If the RTGS is done through mobile banking or net banking, the upper ceiling is Rs 5 lakhs.
What is immediate RTGS? ›
An RTGS or Real Time Gross Settlement payment is a special type of payment where the transfer of money takes place from one bank to another within Australia on the same day.
What are RTGS timings in India? ›
RTGS transfer is available round the clock 24*7 and 365 days every day of the year including weekends and public or bank holidays. The funds are transferred in real-time to the beneficiary account and you do not need to visit the bank branch to initiate an RTGS transfer.
What is the timing of online RTGS Union bank of India? ›
Monday to Friday:7.00Hrs to 17.45Hrs. Bulk RTGS File should be uploaded before 17:00Hrs for same day processing. Saturday(except 2nd & 4th Saturdays):7.00Hrs to 17.45Hrs.
Is a cheque mandatory for RTGS? ›
Can we do RTGS without Cheque? A. Yes, a cheque is mandatory if RTGS transaction from the branch. However, using electronic media like internet banking or mobile app does not require any cheque.
What is the cut-off time for HDFC Bank RTGS? ›
HDFC Bank RTGS Timings
RTGS services are available 24×7 if done online except from 11:30 PM to 00:30 AM due to cut-off. However, if you wish to avail the service offline, you will have to call the bank and as about RTGS timings. Banks remain closed on 2nd and 4th Saturdays, Sundays and bank holidays.
What is the maximum time for a NEFT transaction? ›
Difference between NEFT, UPI, and RTGS
| Parameters | NEFT | RTGS |
|---|
| Maximum Transfer Value | No limit | No limit |
| Transfer Time | Up to 30 minutes | Immediate |
| Service Time | Available 24×7 | Available 24×7 |
| Inward Transaction Charges | No charges | No charges |
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